Credit Default Swaps

GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX.  LEARN MORE

High Yield CDS Market Summary:
March 2022

Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.

Top 10 Outperformers

Showcases the top 10 HY CDS “outperformers” based on the largest mid spread decreases between 2/28/22 – 3/31/22

RANK BOND NAME ISSUER % CHG BPS CHG SPRD SPRD-1 MNTH
1 CLF 5Y CLIFFS NAT RES INC -26.2% -73 205 277
2 SDFGR 5Y MORTON INTL INC IND -24.6% -73 222 295
3 OXY 5Y OCCIDENTAL PETE CORP -22.1% -36 128 164
4 SVU 5Y SUPERVALU INC -21.8% -48 171 218
5 CSAL 5Y COMMUNICATIONS SALES & LEASING INC -21.8% -90 324 414
6 APA 5Y APACHE CORP -20.2% -34 136 170
7 OVV 5Y OVINTIV -16.7% -24 118 142
8 CAR 5Y AVIS BUDGET CAR RENTAL LLC -15.9% -53 280 333
9 JWN 5Y NORDSTROM INC -14.3% -61 368 430
10 FCX 5Y FREEPORT-MCMORAN COPPER & GOLD -12.9% -15 102 117

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 2/28/22 – 3/31/22

RANK BOND NAME ISSUER % CHG BPS CHG SPRD SPRD-1 MNTH
1 TOSH 5Y TOSHIBA CORP 36.5% 36 133 98
2 TATAMTR 5Y JAGUAR LD ROVER PLC 33.9% 145 572 427
3 WNDTR 5Y WIND TRE SPA 33.1% 20 81 61
4 LW 5Y LAMB WESTON 32.0% 51 208 158
5 FD 5Y FEDERATED DEPT STORES INC 26.6% 74 351 277
6 SWY 5Y SAFEWAY INC 25.5% 51 251 200
7 LINTA 5Y LIBERTY MEDIA CORP 24.7% 152 769 616
8 LB 5Y LIMITED BRANDS 23.8% 56 291 235
9 TITIM 5Y TELECOM ITALIA SPA 23.7% 70 367 297
10 AFKLM 5Y AIR FRANCE-KLM 21.8% 99 551 453

Normalized HY Spread by Region

Displays the HY CDS spread by region between 2/28/22 – 3/31/22

Results are based on 5 select regions, however, we offer data across 12 regions

HY Spread by Region – Monthly Comparison

Exhibits the HY mid spread by region for the month ending 2/28/22 vs. the month ending 3/31/22

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 173 168 -4 Tighter 294
U.S. 158 170 13 Wider 164
Japan 88 101 13 Wider 4
Europe 195 169 -26 Tighter 71
U.K. 184 139 -45 Tighter 20
Canada 120 110 -10 Tighter 7

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 2/28/22 – 3/31/22

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

HY Spread by Industries – Monthly Comparison

Exhibits the HY spread by industry for the month ending 2/28/22 vs. the month ending 3/31/22

INDUSTRY PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industries 173 168 -4 Tighter 294
Construction & Building 119 129 10 Wider 6
Aerospace & Defense 324 329 5 Wider 4
Services: Consumer 340 312 -27 Tighter 6
Sovereign & Public Finance 222 196 -26 Tighter 22
Retail 256 291 35 Wider 17

Stay up-to-date with monthly summaries.

Stay up-to-date on the latest from Solve

Read the latest from our team

  • Municipals

    Municipal Bond Market Summary – Week Ending 3/22/24

    Our weekly newsletter presents key trends derived from observable Municipal Bond pricing data over a weekly period.

  • Corporates

    Investment Grade Corporate Bond Market Summary – Week Ending 3/22/24

    Our weekly newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.